（本文原标题为 世界汽车工程师学会联合会（FISITA）终身名誉主席，清华大学教授、汽车产业与技术战略研究院（TASRI）院长赵福全：抓住"新 汽车"机遇进行战略布局） "'新汽车'是移动的空间、互联的节点、数据的载体、计算的单元、智能的终端、储/供能的装置，也是创新的载体和战略性新兴产业。未来汽车将是 继互联网时代的手机之后万物互联时代最大的'母生态'，同时也是新质生产力、新型工业化最大的抓手。"近日，在第二十届中国经济论坛平行论坛 ——"展望'十五五' 巩固车优势"现场，世界汽车工程师学会联合会（FISITA）终身名誉主席，清华大学教授、汽车产业与技术战略研究院（TASRI）院长 赵福全在主旨发言中分享了一系列新思考、新观点。 身处历史巨变的拐点 "站在历史巨变的拐点上，人类社会正在发生翻天覆地的变化；'十五五'将是一个继往开来、承前启后的重要时期。"赵福全谈道，面对百年未有之大 变局，汽车产业需要再盘点、再出发，重新进行战略布局。 "新汽车"时代将迎来革命性变革 人工智能（AI）正在给汽车产业带来一场史无前例的重大变革。 赵福全认为，汽车制造业作为现代工业"皇冠上的明珠"，在拥抱AI的大背景下，正加快进 ...

在获得中介机构认可后，九安医疗的疑虑仍未完全打消。"我们对债券市场并不熟悉，真的能成功 发债吗？谁会来买？发行利率行不行？发债募来的钱能否真正用于基金出资？发债流程是不是真的高效 便捷，有没有可能半年都审不完？"为解决这些疑问，中国银行间市场交易商协会（以下简称"交易商协 会"）在天津组织的一场政策说明会起到了关键作用。 "会上，交易商协会对公司的各项疑问逐一解答，并给予了明确且肯定的答复，彻底消除了我们的 顾虑，坚定了公司发债的信心。"刘毅说，7月1日，九安医疗科技创新债券发行项目正式上报交易商协 会；8月7日，正式取得项目批文；8月21日，完成首期发行。 渤海银行既是该笔债券发行的主承销商之一，也是主要投资者。该行投资银行部总经理林杰夫对 《金融时报》记者表示，发行科技创新债券有望为九安医疗及海河海棠基金注入新动能，加速优质项目 与科创成果转化，同时撬动更多金融活水流向科技创新领域，为发掘、培养、扶持更多优质的科技创新 型企业发展壮大提供有力支持。 "本次科技创新债券新政的支持力度大，最终能够以AAA的信用评级和1.83%的发行利率，圆满完 成公司在债券市场的首次公开亮相，首期发行规模达10.5亿元。这一 ...

报告日期：2025 年 11 月 24 日 浙商早知道 2025 年 11 月 24 日 ：张延兵 执业证书编号：S1230511010020 证券研究报告 | 浙商早知道 ：021-80106048 ：zhangyanbing@stocke.com.cn 重要推荐 【浙商电新 邱世梁/黄华栋】唯特偶（301319）公司深度：电子装联材料受益国产替代，新能源新型材料放量可期 ——20251120 重要观点 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 【浙商医药 郭双喜/王班】医药生物 年度行业策略报告：看好工程师红利下创新突围——20251121 【浙商食饮 杜宛泽/孙天一/张家祯/满静雅】食品饮料 年度行业策略报告：白酒筑底，大众品紧握新消费—— 20251121 【浙商策略 廖静池/王大霁/李沛】A 股策略周报：切勿盲目杀跌，盯券商、等待弹性重扩张——20251122 【浙商宏观 李超/林成炜/费瑾】宏观深度报告：如何提高"居民消费率"？——20251122 【浙商固收 胡建文】债券市场专题研究：大行净融出金额"险守"3 万亿——20251123 1 重要推 ...

Group 1 - The A-share market in 2025 is characterized by a split sentiment, with the index near a ten-year high at around 4000 points, yet many investors feel confused and indifferent despite the apparent bullishness [5][21][22] - The first quarter of 2025 saw a surge in interest in humanoid robots and smart manufacturing, driven by Tesla's advancements, which highlighted China's strong manufacturing capabilities [7][9] - The second quarter shifted focus to innovative drugs in the Hong Kong market, marking a significant re-evaluation of the value of Chinese R&D capabilities, particularly as global pharmaceutical companies faced patent cliffs [10][12] - In the third quarter, the narrative turned to the return of computing power and a shift in investor bias, as the AI hardware sector experienced a significant valuation reassessment due to increased demand from major tech companies [14][18] Group 2 - The market's main themes throughout the year—robots, innovative drugs, and computing power—were initially ignited by overseas demand, with domestic industries amplifying this momentum [20][22] - The current market environment is described as a "not present" bull market, where excitement stems from foreign developments rather than domestic innovations, leading to a sense of detachment among local investors [23][25] - Various investment strategies are being employed to navigate the current chaotic market, with a multi-strategy approach proving effective in maintaining stable returns amidst volatility [26][29]

Group 1 - The report highlights the "engineer dividend" period for China's innovative drug industry, indicating that local innovations have gained full recognition from multinational corporations (MNCs) [4][5][53] - The report emphasizes the strong performance of various Chinese biotech stocks, with notable price increases observed in companies like Rongchang Biopharmaceutical (+199%) and Mawei Biopharmaceutical (+124%) in the A-share market [4][16] - The report identifies a significant increase in the number of first-in-class (FIC) drugs entering clinical trials in China, from only 9 in 2015 to an expected 120 in 2024, with China's global share of FIC drugs exceeding 30% [4][22] Group 2 - The report discusses the leading position of Chinese companies in the antibody-drug conjugate (ADC) sector, with over 50% global pipeline share in key targets such as HER2 and TROP2 [25][32] - It notes that two Chinese ADC drugs have entered the top ten global upfront payment rankings, indicating strong valuation potential for local innovations [30][31] - The report highlights the anticipated growth in bispecific antibodies (bsAbs), with Chinese companies dominating the top five global upfront payments for related assets [37][41] Group 3 - The report recommends several companies with significant global single product potential, including Kolon Biotech and Innovent Biologics, while also highlighting others like 3SBio and BeiGene as companies to watch [6][52] - It emphasizes the potential for substantial global pricing power for assets, particularly for companies like Rongchang Biopharmaceutical and Zai Lab, which are expected to see continued clinical data readouts [6][52] - The report suggests that companies like Innovent Biologics and Rongchang Biopharmaceutical are likely to turn profitable, with expectations of improved financial performance in the coming years [6][52]

Core Viewpoint - The article discusses the challenges and opportunities faced by Chinese companies in the AI sector, likening their journey to a "blind landing" in aviation, where they must rely on their internal metrics and indicators to navigate an uncertain landscape [1]. Group 1: AI and Robotics Industry Insights - The robotics industry is currently in its early stages, facing significant trade-offs between short-term results and long-term generality. Companies are often tempted to sacrifice versatility for immediate gains, which can lead to a narrow focus on specific applications [4]. - The application scenarios for robots are fragmented, making it difficult for companies to develop general-purpose robots that can adapt without extensive customization. This fragmentation is seen as a challenge that many companies struggle to overcome [4]. - The CEO of Meikaman, Shao Tianlan, emphasizes the importance of maintaining a focus on generality in robot development, despite the temptation to pursue short-term achievements [4]. Group 2: Market Opportunities and Challenges - The upstream opportunities in the energy sector are highlighted as critical, with the energy supply chain being the foundation for various technologies, including AI and data centers. The competition for resources, particularly in upstream non-ferrous metals, is a focal point for innovation [5]. - Chinese companies are noted for their strong performance in the AI field, with some Western investors believing they hold a significant short-term advantage. However, caution is advised regarding the sustainability of this advantage, as it depends on whether the competition is based on cost or time [5]. - The importance of innovation within the value chain is stressed, with a recommendation for companies to move towards higher value-added areas to maintain their competitive edge [5]. Group 3: Internationalization and Competitive Landscape - The article notes a shift in the internationalization of Chinese companies, which are now focusing on their own products and solutions rather than merely replicating others' businesses [6]. - The concept of "engineer dividends" is discussed, with Chinese companies leveraging their accumulated capabilities to expand into Southeast Asia, the Middle East, and South America, showcasing their competitiveness on a global scale [6].

最新一幕，则是无界动力完成首轮3亿元天使融资，由红杉中国、线性资本领投，高瓴创 投、地平线、华业天成、钟鼎资本、BV百度风投、同歌创投等跟投。身后创始人兼CEO 张玉峰，曾任地平线副总裁、智能汽车事业部总裁。 中国工程师红利。 作者 I 刘博 报道 I 投资界PEdaily 今年看到两家大厂出来的创业者风头正盛："一个是大疆，另一个则是地平线。" 正如一位FA朋友感慨，尤其当下具身智能，冒出了不少地平线前员工的身影。 悄然间，地平线系创始人火了。一位VC朋友打趣：" 只要地平线的技术员工传出创业风 声，很快就能收到投资机构的TS。 " 告别地平线 他们正排队宣布融资 风一吹过，来自地平线的种子飘向四面八方。 时间回到十年前，彼时还在百度工作的余轶南，顶头上司是他在读博期间结识的余凯。后 者一句"我们一起去做个AI芯片吧？"，就把他从科技大厂带到了创业公司地平线。 在地平线的 9 年时间里，余轶南从技术人员变成产品线负责人，最终担任地平线智能驾 驶总裁一职。他曾在媒体采访中感慨："这一路我点的 '技能树'又多又杂，财务、法务、 供应链、谈判、喝酒，全链条。" 但在余轶南心中一直都有个机器人梦。直到2 02 4年 ...

Core Insights - Chinese innovative pharmaceutical companies are gaining global competitiveness, with different paths taken by companies like BeiGene and Innovent Biologics [1][4][5] - Innovent's approach is seen as more replicable compared to BeiGene's aggressive global strategy, which is viewed as a product of a specific window of opportunity [6][11] Company Strategies - Innovent Biologics has established a strong domestic foundation before expanding internationally, recently securing a $11.4 billion strategic partnership with Takeda Pharmaceuticals [3][4] - BeiGene, on the other hand, has pursued a global strategy from its inception, with significant investments in local talent and operations across various regions [5][9] Financial Performance - In the first three quarters of 2025, Innovent reported product revenues of approximately 8.63 billion yuan, while BeiGene's revenues were around 27 billion yuan [4][5] - Both companies have a significant number of products in various stages of development, with Innovent having 21 product lines and BeiGene over 40 [4][5] Market Challenges - Both companies face common challenges in market access, commercialization pricing, and intellectual property protection, which are evolving in the industry [11] - The traditional path for innovative drugs involves initial development in Western markets, followed by generic competition in developing countries, which can take over a decade [8][9] Future Outlook - Innovent aims to achieve 20 billion yuan in revenue within three years, focusing on a diversified product line, particularly in oncology [9] - The Chinese innovative drug sector is expected to play a more significant role globally in the next 5 to 10 years, with advantages in engineering talent and patient recruitment speed [10][11]

Core Insights - The company, Shangyin Fund, has achieved rapid growth by aligning with national strategic directions and focusing on supporting new productive forces, with total assets under management reaching 288.1 billion yuan and public fund assets at 251.5 billion yuan by Q3 2025 [1] Group 1: Investment Strategy - Shangyin Fund emphasizes a "value" and "growth" dual-track approach in its equity segment, focusing on long-term value preservation and identifying structural investment opportunities in high-dividend assets and strategic resources [3] - The company has established a comprehensive product line that includes fixed income, active equity, quantitative indices, FOF, and overseas investments, aiming to become a "solution service provider" and "quality investment tool provider" [2] Group 2: Product Development - The equity products have been expanded to include thematic funds such as advanced manufacturing and resource selection, as well as high cash flow enterprises and hard technology indices [5] - The fixed income segment has developed a three-tier strategy, focusing on basic income, enhanced returns through flexible allocation, and multi-strategy approaches to capture structural opportunities [4] Group 3: Research and Development - The company has built an integrated research center with specialized teams in macro strategy, industry research, credit evaluation, and quantitative analysis, enhancing decision-making support [6][7] - Continuous optimization of investment strategies and team collaboration is emphasized to improve research efficiency and adapt to market changes [7] Group 4: Market Outlook - Shangyin Fund believes that the Chinese stock market has entered a new phase of high-quality development, with ongoing trends in technology growth and emerging sectors such as low-altitude economy and quantum technology [8] - The company highlights the potential for resource-related assets to provide stable cash flow and long-term value due to geopolitical tensions affecting international supply chains [8]

Group 1 - The underlying logic of family asset allocation is being restructured, moving away from reliance on single assets to a diversified global asset allocation approach [1] - The podcast discusses how families can leverage global technological trends for asset management [1] Group 2 - The Hong Kong stock market, particularly in the technology sector, is gaining attention due to improved fundamentals and positive expectations, making it a valuable long-term investment [4] - Many companies listed in Hong Kong are familiar to mainland investors, providing a sense of comfort and understanding [4] Group 3 - High volatility in technology assets requires investors to be aware of potential pitfalls and to adopt strategies that align with their risk tolerance [5] - A systematic investment approach, such as dollar-cost averaging, may yield better results in volatile markets [5] Group 4 - The innovative pharmaceutical sector is experiencing a reversal after two years of stagnation, driven by changes in payment policies and ongoing support from the government [6][7] - Chinese innovative drug companies are positioned as a "pharmaceutical supermarket" globally, benefiting from lower costs and a wide range of products, particularly in oncology [7] Group 5 - The lithium battery sector is witnessing a second growth curve due to explosive growth in energy storage demand, driven by technological advancements and new applications [9][10] - Recent policy changes, such as capacity pricing, are further boosting the demand for energy storage batteries [10] Group 6 - India is emerging as a new focus for global investment due to its stable currency, young population, and low labor costs, indicating a high potential for economic growth [11]